As we near the end of the year, now is the perfect time to run your small business through a health check of sorts.
An annual health check is essential for businesses, as it allows you to see the overall picture of your company in one fell swoop. Running a business is so frequently concerned with the day-to-day, never finding enough time to truly consider the whole landscape of the company. This is especially true if a company is doing well; you assume that because every day is going well, the overall picture should be looking healthy too.
Taking the time to run through a health check can give you a great focus for the year ahead and ensure that your business is on a good course for the future you have always envisioned. Below are the areas you will want to consider as part of your health check; so without further ado, let’s dive on in…
#1 – The Finances
Without a good financial situation, you don’t have a functional business– that’s pretty much the first lesson of ‘business 101’. Take the time to sit down and record these figures:
- Your turnover;
- Your gross profit;
- Your net profit;
- Your outstanding debts;
- Outstanding debts to the company (i.e. the money other companies/customers owe to you)
Compiling these figures in a simple list can help you see the next steps you’re going to want to take. This is particularly true for the debt lists, both owed and owing; it’s easy to lose track of what money is owed where, so seeing these figures in simple, stark form can help focus your mind and encourage you to rectify the situation. If you need to chase down debts, companies like Metcredit.com may be able to assist you.
#2 – Customer Satisfaction
If finances are the first lesson of business 101, then keeping your customers happy is lesson two. Without customers, your business will not be able to thrive, so you need to know exactly what your customers think of your business at all times.
There are various ways of obtaining customer opinion. The best way of doing this is to run surveys requesting customer feedback, but this can be time-consuming. The best way of managing this kind of feedback system may be to involve another specialist company; if this appeals, then you can see Lanla.com for more information on how this can work.
Alternatively, take a little time to see how your company is being reviewed at independent reviewing sites and on social media. If there has been a downturn in positive comments, then you know this is an area you’re going to have to work on.
#3 – Employee Satisfaction
Employees should be content, engaged, and satisfied with how their careers are progressing; considering this should be the final step in your small business health check.
A survey is the best way to get a feel for how your employees are doing. It is essential that this feedback is obtained anonymously; if employees know that their responses can be traced to them, they will not give honest answers. Those honest answers might be tough to read, but they are essential if you want to grow and improve your company, so allow for anonymous responses to get the best gauge of how your company is doing.
When you have run through the above, you can be confident that you have a good idea of how your business is doing, and what you may need to do in the future to continue the upward trend.
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